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Oil Giant Invests in Actuality

Photonics.com
Oct 2004
BURLINGTON, Mass., Oct. 22 -- Spatial 3-D visualization technology developer Actuality Systems Inc. received a $1.2 million investment from Apache Corp., an oil and gas exploration and development company based in Houston, as part of a $6.5 million series C funding round that included existing investors Navigator Technology Ventures and Rob Ryan, founder and former CEO of Ascend Communications.

Actuality President and CEO Gregg Favalora said the financing will be used to continue the exploration and development of applications for it products in oil and gas, medical imaging and homeland security.

"Technology significantly benefits oil and gas exploration," said Mike Bahorich, executive vice president of exploration and production technology for Apache. "Perspecta is unique in that it enables us to view geological, geophysical and reservoir information in three dimensions as it truly exists rather than with two-dimensional displays to which industry has grown accustomed."

Actuality Systems' Perspecta Spatial 3-D system, which is being tested, plugs into a PC to display full-color and full-motion images in 3-D space, projecting 10-inch-diameter images that can be viewed and manipulated from any vantage point. Actuality is also developing a mass-market 3-D holographic video system as part of a $1.7-million development grant from the National Institute of Standards and Technology.

For more information, visit: www.actuality-systems.com



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